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2015 (7) TMI 548 - MADRAS HIGH COURT

2015 (7) TMI 548 - MADRAS HIGH COURT - [2015] 84 VST 179 (Mad) - Levy of sales tax / VAT on sale of REP licenses - .Whether the Hon'ble Tribunal is correct in holding that the income received by way of premium on sale of REP licences alone is taxable as 'turnover' as against the aggregate amount for which the said goods were sold as per the definition of the term 'turnover' as laid down in Section 2(r) of the TNGST Act, 1959? - Held that:- According to the Department, the assessee had surrendere .....

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der of REP licence was only ₹ 22,58,840/-. In the absence of any record or material to the contrary, we are unable to countenance the argument of the learned Additional Government Pleader appearing for the State that there was an error in levy of tax in respect of REP licence surrendered to the Reserve Bank of India. - Decided against the revenue. - Tax Case (Revision) No. 36 of 2015 - Dated:- 5-6-2015 - R. Sudhakar And K. B. K. Vasuki,JJ. For the Petitioner : Mr. Kanmani Annamalai, AGP OR .....

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over' as laid down in Section 2(r) of the TNGST Act, 1959? 2. Whether the Hon'ble Tribunal is correct in overlooking the specific orders of this Hon'ble High Court in the decision reported in M/s.P.S.Apparels vs. Deputy Commercial Tax Officer, T.Nagar (East) Assessment Circle - [1994] 94 STC 139 MAD in relation to levy of penalty for the assessment years beyond 1992-93 under Section 12(3)(b) of the TNGST Act 1959?" 2. The brief facts of the case are as follows: The assessment in .....

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ve Bank of India was not Government Department and it is an independent body. Hence, the Assessing Officer proposed to revise the assessment assessing the turnover on the surrender of REP Licence at 8% and proposed to impose penalty under Section 12(3)(b) of the Tamil Nadu General Sales Tax Act along with 15% surcharge and 5% additional surcharge. Hence, notice was issued to the assessee, for which the assessee had filed objections stating that the reopening of assessment was time barred and the .....

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of the assessment file and held as follows: 5](4) At this juncture, the learned counsel for the appellants pointed out that the assessing authority wrongly adopted the turnover as ₹ 1,51,76,000/- as against the correct turnover of ₹ 22,58,840/-. In support of his contention the learned counsel for the appellants produced the copy of the balance sheet and invited attention to page 21, wherein the miscellaneous income was shown as ₹ 274.21 lakhs, which included the REP licence tu .....

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nt made by assessing authority is confirmed on the turnover of ₹ 22,58,840/- and the remaining amount of ₹ 1,29,17,160 and the assessment thereon are hereby deleted. 4. Aggrieved by the order of the Appellate Assistant Commissioner, the Revenue preferred an appeal before the Tribunal. The Tribunal interalia determined this issue as Point No.2.and answer the same at paragraph No. 11, which we extract below as such for better clarity: 11. On perusal of the order of the first appellate .....

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e the turnover for REP license was sold within the State to a sum of ₹ 22,58,840/- and the proposal to levy tax at higher turnover of ₹ 1,51,76,000/- was not correct. In the revision order, the Assessing Authority rejected the contention of the appellant on the ground that already in the original order, the amount of ₹ 1,51,76,000/- was assessed. Therefore, the order of the first appellate authority restricting the turnover on the basis of the documents is found to be correct. .....

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